Fannie Mae/Freddie Mac Bailout

    A note from our “Preferred Lender”, Connie Zinter-
    On September 7, 2008, it was announced that Fannie Mae and Freddie Mac will come under control of the U.S. Government.  This is good news for the Real Estate Industry.  With the recent problems in the Mortgage industry, it has been risky for investors to purchase the bonds that Fannie and Freddie needed to sell to meet their capital requirements.  With the government stepping in, they will back the payments on these bonds.  This is boosting investor confidence to purchase the bonds again which when purchased generate lower interest rates for the borrower.  With the news of lower interest rates, customer sentiment should improve and with improved sentiment, the housing inventory should improve through more purchases.  The government focus is to improve the economy so their plan is to manage the companies in a way that will generate more home sales.  We’re looking forward to this new structure which should also provide more options for home buyers and generate the housing market we want to see.                
     
     
    Connie Zinter
    Sr. Loan Officer/Mortgage Planner
    Golf Savings Bank
    Direct 206-287-5788
    Toll Free 1-800-970-1930
    Fax 206-381-1929

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